Mortgage Lead Buying Tips - Maximizing Marketing Dollars

Many mortgage companies do not have the time or the resources to invest in a comprehensive online marketing campaign

. As a result, they need to purchase mortgage loan leads. The quality of these leads is crucial for high conversion rates. Though many companies sell a lead only three or four times, some companies will sell them as many as twenty. This will dampen the morale of the loan officers and reduce the percentage of conversions, hurting the overall business efforts. The best way to avoid this is for companies to work with a direct lead generator instead of a lead broker.

When purchasing mortgage loan leads from a direct lead generator, the loan officers are the first point of contact for the prospects. As a result, the representatives have the opportunity to make a good first impression. Broker lists may be recycled. This means the prospects may have been solicited several times by email, telephone and direct mailers. Since brokers are purchasing the leads from another source, they cannot vouch for accuracy or age. If your company is purchasing lists, find out how old each mortgage lead list is. Fresh leads are more viable and the conversion rates higher.

Mortgage loan leads are distributed real-time, or within 48 hours of being received. This means that the prospects are still waiting for the first call. Select a lead company that specializes in the mortgage industry. Lead brokers frequently work with many industries such as credit cards, financial planning, etc. The lists are not necessarily scrubbed and filtered properly, so you may not be receiving the qualified leads you thought you were buying. Make sure the prospects have been properly qualified as legitimate buyers. Bankruptcy or foreclosure leads are not easy to convert and frequently do not qualify for standard programs.

Before contracting with a company for mortgage loan leads, ask about the return policy for bad leads. It is common for a small percentage of leads to be inaccurate. However, if it looks like 10-15% of the leads are bad, you will want new leads, or possible to be released from a purchase commitment. Exclusive mortgage leads from a direct lead generator are best. Your company will be the only one to receive these leads. The more prospects are solicited the less chance you have to close the sale. Of course, lead sources can really make or break a sales system and your career. Get started today changing the way you think about obtaining leads.

by: Troy Truman

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